Legal Question in Wills and Trusts in New York

Estate Bank Account

I am the sole heir of my parents who

died in December 2006 and

December 2007 respectively. I am

going to have the will probated and

after probate goes through, and the

receipt of the funds from the sale of

their coop apartment (not a large

amount), deposit that check into the

estate account. I am in New York

State. I read somewhere else on the

web, that there must be a certain

number of months that have to go

by before the money that is left in

the estate account can be distributed

to the heirs (myself) after opening

the account. How many months do I

have to wait?


Asked on 2/23/08, 2:08 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Estate Bank Account

If the estate aggregates less than 1,000,000, so no death taxes are due, and all debts, funeral and related expenses have been paid in full, and final income tax returns are filed and taxes, if any, are paid, I do not see why you cannot wait about 60 days to see if any further bills come in. If there are no further bills, you can distribute the assets to yourself. You may need some documents to close the estate with the Surrogate. Of course, if any late bills come in after you distribute the assets, you are still responsible to pay them.

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Answered on 2/23/08, 2:39 pm


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